Philippines Inflation Rate at 6-1/2-Year High of 4.6% in May

Consumer prices in the Philippines rose by 4.6 percent year-on-year in May of 2018, after a 4.5 percent gain in the previous month while markets estimated 4.9 percent. It is the highest inflation rate since November 2011, as cost of transport surged and prices of food continued to increase.

Prices of heavily-weighted food and non-alcoholic beverages increased by 5.7 percent, compared to a 5.9 percent in the preceding month.

On a monthly basis, consumer prices were flat, following a 0.5 percent rise in April. Prices increased for: alcoholic beverages & tobacco (0.8 percent); clothing and footwear (0.2 percent); furnishing, household equipment and routine maintenance of the house (0.2 percent); health (0.1 percent); transport (1 percent); recreation and culture (0.1 percent); and restaurants and miscellaneous goods and services (0.4 percent). At the same time, cost was flat for communication and education, while fell for food (-0.1 percent); and housing, water, electricity, gas, and other fuels (-0.2 percent).

In March 2018, Philippine Statistics Authority decided to rebase CPI series to 2012 from 2006 in order to accommodate the economic changes in the country.

For 2018, the central bank set an inflation target range of between 2 to 4 percent.

PSA l Rida | rida@tradingeconomics.com6/5/2018 11:37:06 AM

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